Today all eyes are on India because the number of Artificial Intelligence startups in the country has exploded in recent years. Artificial Intelligence (AI) is the latest buzzword that is bringing all of the company's focus to a whole new level across domains. Globally, all eyes are on India because the number of AI startups in the country has exploded in recent years, resulting in fierce competition in the marketplace to give the right technology. Intello Labs has developed a framework for agricultural commodity grading and quality control using artificial intelligence techniques such as computer vision and deep learning. Intello Labs offers a mobile app-based image-based solution that helps add clarity and standardization to quality assessment, lowering value risk and wastage in agriculture supply chains.
According to AIMResearch, Indian AI startups raised $836.3 million in 2020, the largest funding outlay in the last seven years at a 9.7% year-on-year growth. The same year, Indian government increased the outlay for Digital India to $477 million to boost AI, IoT, big data, cybersecurity, machine learning and robotics. In the 2019 Union Budget, Finance Minister Nirmala Sitharaman said the government would offer industry-relevant skill training for 10 million youth in India in technologies like AI, Big Data and robotics. To wit, India's AI ecosystem is seeing explosive growth with a lot of inventive startups entering the space. Analytics India Magazine comes with a list of 10 exceptional startups leading the AI race every year.
In September, Apple quietly acquired Tuplejump, a little-known Hyderabad-based startup. Tuplejump is an Artificial Intelligence (AI) company that helps clients store, process and visualise data. In simple terms, it helps, say, an e-commerce player to use all the data it collects to improve conversion rates--the number of people who end up buying something out of the total number of visitors. This was Apple's first acquisition in India and the third one this year of an AI company. India-based AI startups are hardly visible and don't command eyepopping valuations that e-commerce companies do.
Today's artificial intelligence-based applications are changing people's lives in ways that often go unnoticed. A new study by Accenture, however, reports that AI could dramatically boost economic growth and productivity by up to 40% in 2035, prompting many to sit up and take notice of the burgeoning industry. Already advances in AI-powered technologies like robots, virtual assistants and augmented reality have stimulated fervent interest from companies such as Google, IBM, Apple, Facebook and Microsoft. And while it's hard to pinpoint the exact path that it will take, with global tech giants making huge strides in this sector, AI startups are arguably the most sought-after in today's global economy. The trend is catching on in India as well.